SMART Finance News You Can Use

If you have a deficit in Operating Capital (fund balance B01-424-000), chargebacks using object 545 are no longer allowed. Instead, post a journal entry to debit B01-422-000, and credit B01-424-000 for the amount of the deficit.

If you are entering fixed assets for FY22, don’t forget to change the FA Fiscal Yr to 2022 by clicking on the drop down arrow in Finance Defaults window. 

There are two extra Periods built into the Accounting Calendar. Once period 202212 is open, the next period number for FY22 is 202213. This period can be used for fiscal yearend journal entries including auditor’s adjustments. The last period for FY22 is 202214. This period is for Region 1 use only. We use this period to do closing entries. Closing entries zero the expense and revenues, and move the dollars to the fund balances. Note that for periods 2022...

Below is a chart showing the related Course codes by fiscal year to be used for various Covid Federal grants. This chart is revised from MDE’s website with the finance and course numbers in each column. Before yearend, you can work on making sure your accounts are using the correct course numbers. This will be discussed at our yearend meeting. Note that finance dimensions 166,167,169, and 171 may also use a course number of 011 if you are cleaning up older grants. Also, finance 162 may use...

Did you know there is a search feature in Smart Finance? If you are looking for something and don’t know where to find it (like Budget Workpapers), just click on the Quick Access down arrow and type in what you are looking for. A selection will pop up and you can click on what you want. 

As districts receive COVID funds, make sure the correct course number identifying fiscal year is used. Go to MDE’s web site and to see the latest flow chart for COVID accounts.Federal Relief Funds (mn.gov)

As you get ready to enter POs for next year, all the Periods on the Accounting Calendar need to be open through 202301. For Periods 202213 and 202214, open GL only. Contact someone in finance if you need help with this. Once period 202301 is open, POs can be saved for the next fiscal year.